|
|
Recent Articles
-
Lowe’s Lowers Full Year 2024 Outlook on Weak DIY Sales
Aug 20, 2024
-
Image: Lowe’s shares have traded sideways since the beginning of 2022.
Lowe’s updated its outlook for full year 2024 to account for “lower than expected DIY sales and a pressured macroeconomic environment.” Total 2024 sales are now expected in the range of $82.7-$83.2 billion (was $84-$85 billion), with comparable store sales expected to be down 3.5%-4% (was -2% to -3%). Adjusted operating income as a percentage of sales is targeted in the range of 12.4%-12.5% (was 12.6%-12.7%). Adjusted diluted earnings per share is expected in the range of $11.70-$11.90 (was $12.00-$12.30). Our $230 fair value estimate of Lowe’s remains unchanged at this time. Shares yield 1.9%.
-
Gilead Raises Non-GAAP Diluted Earnings Outlook for 2024
Aug 19, 2024
-
Image Source: Gilead.
Looking to full-year 2024, Gilead expects total product sales of $27.1-$27.5 billion, unchanged from its prior outlook. Non-GAAP diluted earnings per share is now targeted in the range of $3.60-$3.90, compared to $3.45-$3.85 previously. At the end of the quarter, Gilead had $2.8 billion in cash and cash equivalents, which was down from the $8.4 billion mark as of the end of last year due to its $3.9 billion acquisition of CymaBay Therapeutics and a $1.75 billion repayment of senior notes. All told, we liked Gilead's second quarter results and its raised non-GAAP earnings per share guidance. Shares yield 4.2% at the time of this writing.
-
Energy Transfer Raises 2024 Adjusted EBITDA Guidance, Units Yield 7.8%
Aug 19, 2024
-
Image Source: Energy Transfer.
Looking to full-year 2024, Energy Transfer's adjusted EBITDA is now targeted in the range of $15.3-$15.5 billion, compared to its previous guidance of between $15-$15.3 billion. The updated guidance includes the impact of its WTG Midstream acquisition as well as outperformance in its base business. Energy Transfer’s fundamental momentum has translated into improved credit ratings, too, with Moody’s upgrading its senior unsecured credit rating to Baa2 in June 2024 (long-term debt totaled $57.4 billion at the end of the quarter). Though its debt level is difficult to get comfortable with, it's encouraging to see the improved adjusted EBITDA guidance as well as Energy Transfer's ability to cover distributions with traditional free cash flow. Units yield 7.8% at the time of this writing.
-
Deere’s Fiscal Third Quarter Results Reveal Challenging Conditions in the Global Agricultural and Construction Sectors
Aug 16, 2024
-
Image Source: Deere & Company.
Looking to all of fiscal 2024, Deere continues to expect weak top-line performance across its portfolio. Production & Precision Agriculture net sales are expected to fall 20%-25%, Small Ag & Turf net sales are expected to decline at a similar pace, while Construction & Forestry net revenues are expected to drop 10%-15% on the year. Financial Services net income is targeted at $720 million for fiscal 2024. Deere ended the quarter with a hefty net debt position. Though Deere’s top line continues to face pressure, and its balance sheet isn’t as strong as we would like, management did reaffirm its net income outlook for fiscal 2024 at approximately $7 billion, which was above the consensus forecast. Shares of Deere yield 1.6%.
|
